Even with Scotland officially out of recession, it would be naïve to predict good times are just around the corner.

Few businesses will have been waving flags or cracking out the champagne at the news the economy grew 0.2 per cent in the final quarter of 2009.

Cautious optimism is the phrase which seems to crop up in most of the conversations I am having with business people at the moment.

In many senses the other economic data released this week backs that up.

Although our manufacturers are feeling more buoyant than they have done in a long time, there are still some major obstacles to be overcome.

Not least consumer confidence, which appears to be a bit fragile in Scotland according to statistics for the Scottish Retail Consortium.

There was less of a sales bounce than expected from the Easter holidays and uncertainty over public sector cuts in the run up to the election may also be delaying spending decisions.

Then there is the massive public sector deficit of the UK. Despite this being better than predictions, £152billion is quite a substantial chunk of anyone's cash.

That deficit has to come down. But until the outcome of the election is decided and a clear path forward agreed, consumer confidence will continue to be shaky.

Nice to see Scottish Enterprise being extremely proactive in its latest business plan with the intention to grow the Scottish Investment Bank fund in order to help more companies.

Lack of funding is something which has restricted a number of Scottish businesses over the past two years.

If - and it is still a big if - SE can utilise and expand the funds from the Scottish Investment Bank, it will provide a big shake up to the market in Scotland.

This week we profiled HSBC's Scottish chief executive John Rendall and he was at pains to point out how keen his bank is to lend to companies here.

Certainly those in the commercial teams from all banks across Scotland know there is a need to get lending flowing again. Some added competition is unlikely to make the situation worse.

Everyone has a volcanic ash story at the moment and we are no different.

Editor-in-chief Alasdair Northrop was among the tens of thousands of people stuck in Europe when flights were grounded and was still making his way home on a boat when Business7 went to press this week.

The situation was replicated in offices across Scotland, with staff unable to make it home from holidays.

While some were able to utilise remote working solutions, for thousands of others there was little to do except consider ways to get back.

The impact in business terms will run into the millions but it was heartening to hear of a number of tourism operators extending offers and preferential rates to people stuck in Scotland.

That kind of goodwill and associated word of mouth can go an awful long way.